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Federal R eserve Ba n k
of

R ic h m o n d

THIRTY-SIXTH ANNUAL REPORT
— YEAR 1950 —

R ic h m o n d ,

Va., January 10, 1951.

To Member Banks
of the Fifth Federal Reserve District:
There is submitted herein a comparative statement of the condi­
tion of the Federal Reserve Bank of Richmond at the close of business
December 31, 1950, and December 31, 1949, together with a compara­
tive statement of profit and loss for the years 1950 and 1949, and other
operating data.
Very truly yours,

President

COMPARATIVE STATEMENT OF CONDITION
ASSETS:

D e c e m b e r 31 ,1 9 5 0

D e c e m b e r 3 1 ,1 9 49

Gold certificates___________________________________

$ 950,137,881.35

$1,087,376,006.37

Redemption Fund for Federal Reserve notes___

53,787,917.47

52,047,235.40

T o t a l G old C e r t if ic a t e R e se r v e s _____

1,003,925,798.82

1,139,423,241.77

Other cash__________________________________________

22,025,758.95

21,366,479.42

Discounts and advances__________________________

575,000.00

5,806,500.00

Industrial loans___________________________________

131,504.44

106,498.09

Bills ______________________________________________

80,368,000.00

310.023.000.00

Certificates ______________________________________

150.804.000.00

402.865.000.00

N o t e s ____________________________________________

809.269.000.00

36,092,000.00

B o n d s____________________________________________

298.484.000.00

463.355.000.00

s e c u r it ie s -

1,338,925,000.00

1,212,335,000.00

l o a n s a n d s e c u r it ie s ____________

1,339,631,504.44

1,218,247,998.09

U. S. G O V E R N M E N T S E C U R IT I E S :

T o t a l U . S. G o v e r n m e n t
T otal

Due from foreign banks__________________________

1,179,04

1,844.69

Federal Reserve notes o f other banks___________

32,260,550.00

19,975,540.00

Uncollected cash items____________________________

340,962,673.64

291,047,221.39

Bank premises_____________________________________

2,870,583.22

2,469,588.98

Other

assets_______________________________________

7,940,079.04

6,474,694.87

T O T A L A S S E T S _____________

2,749,618,127.15

2,699,006,609.21

1,616,465,615.00

1,580,159,750.00

LIABILITIES:
Federal Reserve n otesD E P O S IT S :
Member bank— reserve accounts___

750,833,677.32

708,358,979.54

U. S. Treasurer— general account-

36,831,103.41

62,146,520.19

Foreign ______________________________

44,385,000.00

37,269,400.00

Other _________________________________

28,995,333.42

43,503,326.87

861,045,114.15

851,278,226.60

Deferred availability cash item s-

226,241,508.13

223,471,436.28

Other liabilities____________________

233,693.38

518,166.57

2,703,985,930.66

2,655,427,579.45

T o t a l D e p o s it s .

T O T A L L IA B IL IT IE S -

CAPITAL ACCOUNTS:
9,845,300.00

9,222,550.00

25,166,803.73

23,779,189.48

(Section 1 3 b ) -

3,349,144.81

3,349,144.81

Other capital accounts-

7,270,947.95

7,228,145.47

2,749,618,127.15

2,699,006,609.21

Contingent liability on Acceptances Purchased for Foreign Correspondents-

1,082,359.47

514,909.11

Industrial Loan Commitments____________________________________________________

54,000.00

15,000.00

Capital paid in _________________
Surplus (Section 7 ) ____
Surplus

T O T A L L I A B I L I T IE S A N D C A P IT A L A C C O U N T S




2

COMPARATIVE PROFIT AND LOSS ACCOUNT
1949

1950

E a r n in g s :
$

Discounts and advances___

___ _______________ :--------------Interest earned on industrial loans under Section 13b
Fees received on commitments to make industrial loans..
Interest on U . S. Government securities___________________
Other earnings__________________________________________ ___-

107,038.47
5,611,41
456.28
17,623,678.75
10,969.49

$

197,358.00
2,769.60
733.83
20,042,916.88
16,974.63

17,747,754.40

20,260,752.94

4,841,541.21
171,500.00
610,517.33

4,723,084.32
161,000.00
502,786.44

5,623,558.54

5,386,870.76

12,124,195.86

14,873,882.18

Profits on sales of U . S. Government securities________________________________
Sundry additions_________________________________________________________________

2,364,501.41
7,363.16

1,995,189.79
768.47

Total Additions__________________________________________________________

2,371,864.57

1,995,958.26

Total Current E arnings__________________________
E xpenses :
Operating expenses (including depreciation on bank premises) after deducting
reimbursements received for certain Fiscal A gency and other expenses___________
Assessments for expenses o f Board o f Governors______________________________________
Cost o f Federal Reserve Currency________________________________________________________
Total N et E xpensesCurrent N et E arnings______________________________________________________________________

A d d it io n s t o a n d D e d u c t io n s f r o m C u r r e n t N e t E a r n in g s :

163,429.88

Retirement System (Adjustm ent for Revised Benefits) —
Sundry deductions____________________________________________

2,029.13

5,128.35

Total Deductions___________________________________

2,029.13

168,558.23

2,369,835.44

A

v a il a b l e for

D iv id e n d s , P a y m e n t

to

T reasu rer

of

U . S.

and

S urplus A

ccount

Dividends paid member banks__________________________________________________________
Paym ent to Treasurer of U . S.— Interest on outstanding Federal Reserve N o te sAddition to Surplus Account (Section 7 ) _____________________________________________
Total ______________________________________________________________________________

1,827,400.03

44,818.11

Net Additions_____________________
Transferred to Reserves for Contingencies -

2,537,242.52

14,449,213.19

14,164,039.69

573,601.22
12,487,997.72
1,387,614.25

539,947.90
12,261,569.84
1,362,521.95

14,449,213.19

14,164,039.69

23,779,189.48
1,387,614.25

22,416,667.53
1,362,521.95

25,166,803.73

23,779,189.48

SURPLUS ACC O U N T (Section 7)
Balance at close of previous year_. _________________________________________________________
Addition a /c profits for year_________________________________________________________________
Balance

at

C l o se

of

C urrent Y

e a r ____________________________________________________

C A P ITA L STOCK A C C O U N T
(Representing amount paid in, which is 5 0 % o f amount subscribed)
Balance at close of previous year____________________________________________________________
Issued during the year________________________________________________________________________

9,222,550.00
630,100.00

8,717,400.00
575,650.00

Cancelled during the year____________________________________________________________________

9,852,650.00
7,350.00

9,293,050.00
70,500.00

e a r ____________________________________________________

9,845,300.00

9,222,550.00

Balance

at

C l o se




of

Current Y

3

VOLUME OF PRINCIPAL OPERATIONS
Average

Total
Number of
Items

Ch e c k s H a n d l e d :

Total
Am ount

Am ount
Per Item

--------Daily Averages
Num ber
of Items

Am ount

Y e a r 1950 (299

days) ____________ __ 149,362,000

$56,089,893,000

$376

499,538

Y e a r 1949 (300

days) ____________ __ 141,650,000

50,098,503,000

354

472,167

166,995,010

Y e a r 1948 (301

days) ____________ __ 137,356,000

52,241,370,000

380

456,332

173,559,369

Y e a r 1947 (299

days) ____________ __ 132,044,000

49,068,737,000

372

441,619

164,109,488

Y e a r 1946 (300

days) ____________ __ 128,903,000

41,695,704,000

323

429,677

138,985,680

Y e a r 1945 (303

days) ____________ __ 118,938,000

35,241,788,000

296

392,535

116,309,531

Y e a r 1944 (307

days) ____________ __ 110,683,000

32,645,462,000

295

360,531

106,337,010

Y e a r 1943 (307

days) ____________ __ 100,844,000

31,083,430,000

308

328,482

101,248,958

Y e a r 1942 (302

days)____________ __ 92,257,000

25,756,755,000

279

305,487

85,287,268

Y e a r 1941 (299

days) ____________ __ 87,796,000

20,410,680,000

232

293,632

68,263,144

Y e a r 1940 (301

days)____________ __ 79,938,000

15,474,834,000

194

265,575

51,411,409

$187,591,615

Y e a r 1939 (299

days)-----------------------76,814,000

13,720,123,000

179

256,903

45,886,699

Y e a r 1938 (301

days) ____________ __ 74,114,000

12,145,850,000

164

246,226

40,351,661

Y e a r 1937 (301

days) ____________ __ 71,878,000

13,174,474,000

183

238,798

43,769,016

Y e a r 1936 (301

days) ____________ __ 69,683,000

11,897,385,000

171

231,505

39,526,196

Y e a r 1935 (301

days) ____________ __ 59,518,000

10,436,538,000

175

197,734

34,672,88'4

Y e a r 1930 (301

days)____________ __ 54,109,000

12,795,015,000

236

179,764

42,508,355

Y e a r 1925 (302

days)____________ __ 48,171,677

14,038,542,000

291

159,509

46,485,238

Y e a r 1920 (304

days) ____________ __ 33,731,801

11,505,945,224

341

110,960

37,848,504

N o n -C a s h C o l l e c t i o n Ite m s R e c e iv e d :

1950

N um ber------------------------------------------------------------------------------------------------A m ou n t--------------------------------------------------------,---------------------------------------T ransfers

of

F unds

for

$

467,982
194,823,000

1949

$

378,974
167,929,000

M em ber B a n k s :

N um ber_______________________________________________________________
A m ou n t_______________________________________________________________

83,440
$25,716,662,000

75,370
$20,413,758,000

$32,716,117,000
32,883,355,000

$27,335,062,000
27,391,286,000

392,590,360

377,213,528
$ 2,093,524,996

I n t e r d is t r ic t S e t t l e m e n t F u n d D a i l y T r a n s i t C l e a r i n g s :
Total received from F. R. Banks and Branches__________________________
Total paid to F. R. Banks and Branches__________________________________
Cu rren cy

and

C o in H a n d l e d :

Currency received (including new notes) :
Number o f notes______________________________________________________
A m ou n t_______________________________________________________________

$ 2,240,248,480

Currency paid out (including notes returned for redem ption):
Number o f notes______________________________________________________
A m ou n t_______________________________________________________________

390,816,623

$ 2,228,286,615

379,785,275
$ 2,108,985,713

Coin received (including new c o in ):
Number o f coins_______________________________________________________
A m oun t_______________________________________________________________

$

543,009,314
42,799,796

$

460,011,232
38,697,574

$

553,141,672
42,383,334

$

448,594,835
37,780,528

Coin paid out (including coin returned for redem ption):
Number o f coins_______________________________________________________
A m oun t_________________________________________________________ ____




4

VOLUM E OF PRINCIPAL OPERATIONS
(Continued)

U. S. G o v e r n m e n t S e c u r i t i e s ( E x c l u s i v e o f S a v i n g s B o n d s )
Is s u e d , E x c h a n g e d a n d R e d e e m e d :
N u m ber-----------------------------------------------------------------------------------------------A m ou n t_______________________________________________________________

1949

1950

145,000
$ 3,055,637,000

182,000
$ 2,588,163,000

U . S. S a v i n g s B o n d s — I s s u e d :
N um ber_______________________________________________________________
Issue price____________________________________________________________

$

3,887,000
324,863,000

$

4,001,000
302,198,000

$

6,573,000
389,023,000

$

6,583,000
354,334,000

$

145,000
42,404,000

$

151,000
37,120,000

$

545,000
42,860,000

$

612,000
45,469,000

U . S. S a v in g s B o n d s — R e d e e m e d :
N um ber_______________________________________________________________
Redemption value______________________________________________________

U . S. S a v in g s B o n d s H e l d
L a st D a y of Y e a r :

in

Sa f e k e e p in g

for

Ow n e r s

on

N um ber______________________________________________________________
A m ou n t___ ___________ ___________________________
___ _________

C o u p o n s P a id — F r o m D ir e c t
m e n t O b l i g a t io n s :

and

F u l l y G u ar a n tee d Govern­

N um ber______________________________ _______________________________
A m ou n t_______________________________________________ _______________

U . S. G o v e r n m e n t C h e c k s

and

W a r r a n t s R e c e iv e d :

N um ber_______________________ ______________________________________
A m ou n t_______________________________________________________________

F e d e r a l T a x e s — R e c e iv e d

and

C r e d it e d

to

24,636,000
$ 3,785,345,000

23,570,000
$ 3,518,515,000

T reasury:

Number o f Depositary Receipts_________________ ____________________
A m ou n t___________________________________________ __________________

$

298,000
439,882,000

$

228,000
344,035,000

PERSON N EL
Number o f officers and employees at end o f year:
_
Officers ______________________________________________ __ ____________
Employees _________________________________ _______________ _______

26
1,180

1,211

1,206

1,235

National banks________________________________________________________
State banks___________________________________________________________

340
137

340
139

Total_________________________________________________________

477

Total____________________________________________________

.

24

M EM BER BANKS
Number o f member banks at end of year:




5

DIRECTORS AND OFFICERS
FOR YEAR 1951
DIRECTORS
C H A R L E S P. M cC O R M IC K ,
Ch a ir m a n
federal

B oard a n d
R eserve a g e n t .

of t h e

TATT\T T TTTAAnTtT AT T Tn
»
>\
« U1A11 J » II
J
L.
H n.lti-', ViV.,
D eputy C h a ir m a n

Class A
J A M E S D . H A R R IS O N , 1951,

of t h e

B oard .

P r e s id e n t , F ir s t N a t i o n a l B a n k ,
B a l t im o r e , M d .

B a l t im o r e , M d .

W A R R E N S. J O H N S O N , 1952,
W i l m i n g t o n , N . C.

P r e s id e n t , P e o p l e s S a v in g s B a n k & T r u s t C o .,
W i l m i n g t o n , N . C.

J O H N A . S Y D E N S T R IC K E R , 1953,

C a s h i e r , F ir s t N a t i o n a l B a n k
M a r l in t o n , W . V a .

M a r l in t o n , W . V a .

in

M a r l in t o n ,

Class B
E x e c u t iv e V ic e P r e s id e n t ,
M il l e r & R h o a d s , I n c .,
R ic h m o n d , V a .

E D W I N H Y D E , 1951,
R ic h m o n d , V a .

H . L. R U S T , Jr., 1952,
W a s h i n g t o n , D . C.

P r e s id e n t , H . L. R u s t C o m p a n y ,
W a s h i n g t o n , D . C.

C A R Y L. P A G E , 1953,

P r e s id e n t a n d T r e a s u r e r , J a c k s o n M i l l s ,
W e ll fo r d , S . C.

T r y o n , N . C.

Class C
M a n a g e m e n t Co u n se l , So u th e r n S tates
C oo p e r a tive , I n c .,
R ic h m o n d , V a .

W . G. W Y S O R , 1951,
R ic h m o n d , V a .

J O H N B. W O O D W A R D , Jr., 1952,

P r e s id e n t , N e w p o r t N e w s S h ip b u il d in g
a n d D r y D o c k C o .,
N ew port N e w s , V a .

N ewport N e w s , V a .

C H A R L E S P. M cC O R M IC K , 1953,

P r e s id e n t a n d C h a i r m a n of B oard , M c C o r m ic k
& C o m p a n y , I n c ., M f r s . of T e a s , S p ic e s ,
E x t r a c t s , I n s e c t ic id e s , E t c .,
B a l t im o r e , M d .

B a l t im o r e , M d .

OFFICERS
HUGH LEACH,
P r e s id e n t .

J. S. W A L D E N , J r .,
F ir s t V

ic e

U P T O N S. M A R T IN ,

P r e s id e n t .

A

EDWARD A. W AYNE,
V ic e P r e s id e n t .

A
and

Ca s h ie r .

ic e

A
A

P r e s id e n t .

W . R. M IL F O R D ,
V ic e P r e s id e n t .
ic e

A
A

P r e s id e n t .

V ic e P r e s id e n t .

ic e

s s is t a n t

Ca s h ie r .

s s is t a n t

Ca s h ie r .

s s is t a n t

C a s h ie r .

A

u d it o r .

G. H A R O L D S N E A D ,
C h ie f E x a m in e r .

P r e s id e n t .

A U B R E Y N . H E F L IN ,

N . L. A R M IS T E A D ,
V

Ca s h ie r .

R. S. B R O C K , J r .,

C H A R L E S W . W IL L IA M S ,
ic e

s s is t a n t

JO H N L. N O S K E R ,

K. B R A N T L E Y W ATSO N ,

V

Ca s h ie r .

J A M E S W . D O D D , Jr.,

R. L. C H E R R Y ,
V

s s is t a n t

W . B. W A K E H A M ,

C. B. S T R A T H Y ,
V

V ic e P r e s id e n t .

JO S E P H M. N O W L A N ,

R. W . M E R C E R ,
V ic e P r e s id e n t

s s is t a n t

E D W A R D W A L L E R , J r .,

Co u n se l .

P r e s id e n t .

MEMBER FEDERAL ADVISORY COUNCIL
R O B E R T V . F L E M IN G , 1951,
P r e s id e n t a n d C h a i r m a n of t h e B oard ,
T h e R iggs N a t i o n a l B a n k ,
W a s h i n g t o n , D . C.

INDUSTRIAL ADVISORY COMMITTEE
J. G. H O L T Z C L A W , Chairman
P r e s id e n t , V i r g in i a E l e c t r ic & P o w e r C o .,
R ic h m o n d , V a .

W A L K E R D. STU A R T,
P r e s id e n t , R i c h m o n d H a r d w a r e C o .,
R ic h m o n d , V a .

O V E R T O N D . D E N N IS ,
D o m in io n O il C o m p a n y ,
R ic h m o n d , V a .




ROSS P U E T T E ,
P r e s id e n t , C a r o l in a P ap e r B oard C o r p o r a t io n ,
C h a r l o t t e , N . C.

J O H N L. W H IT E H U R S T ,
P r e s id e n t & T r e a s u r e r , B u r t M a c h i n e C o ., I n c .
B a l t im o r e , M d .




DIRECTORS AND OFFICERS
FOR YEAR 1951
(Continued)

BALTIMORE BRANCH
DIRECTORS
C H A R L E S A . P IP E R , 1951,

P r e s id e n t , T h e L ib e r t y T r u s t C o m p a n y ,
C u m b e r la n d , M d.

C u m b e r l a n d , M d.

E U G E N E G. G R A D Y , 1952,

P r e s id e n t , T h e W
B a l t im o r e , M d .

B a l t im o r e , M d .

L A C Y I. R IC E , 1952,
C H A R L E S W . H O F F , 1953,

P r e s id e n t , U n i o n T r u s t C o m p a n y
B a l t im o r e , M d .

B a l t im o r e , M d .

J A M E S E . H O O P E R , 1951,

V ic e P r e s id e n t , W
B a l t im o r e , M d .

B a l t im o r e , M d .

L. V IN T O N H E R S H E Y , 1952,
H ag er sto w n , M d.

J A M E S M. S H R IV E R , 1953,
e s t m in s t e r ,

N a t io n a l B a n k ,

P r e s id e n t , T h e O ld N a t i o n a l B a n k ,
M a r t in s b u r g , W . V a .

M a r t in s b u r g , W . V a .

W

estern

il l i a m

of

M aryland,

E . H ooper & S o n s C o m p a n y ,

P r e s id e n t a n d G e n e r a l M a n a g e r , H a g e r s t o w n S h o e C o .,
H agerstow n, M d.
P r e s id e n t , T h e B . F . S h r iv e r C o m p a n y ,
W e s t m in s t e r , M d .

M d.

OFFICERS
W . R. M IL F O R D , V ice P r e s id e n t .
D . F . H A G N E R , C a s h ie r .

J. A . J O H N S T O N , A s s i s t a n t C a s h i e r .
A . C . W IE N E R T , A

s s is t a n t

B. F . A R M S T R O N G , A

Ca s h ie r .

s s is t a n t

C a s h ie r .

CH A R L O T TE BRANCH
DIRECTORS
T H O M A S J. R O B E R T S O N , 1951,
C o l u m b ia , S. C.

P r e s id e n t , T h e F ir s t N a t i o n a l B a n k
C o l u m b ia , S. C.

G E O R G E S. C R O U C H , 1952,
C h a r l o t t e , N . C.

P r e s id e n t , U n i o n N a t i o n a l B a n k ,
C h a r l o t t e , N . C.

J O N A T H A N W O O D Y , 1952,
W a y n e s v il l e , N . C.

P r e s id e n t , F ir s t N a t i o n a l B a n k ,
W a y n e s v il l e , N . C.

A R C H IE K . D A V IS , 1953,
W i n s t o n - S a l e m , N . C.

S e n io r V ice P r e s id e n t ,
W a c h o v ia B a n k a n d T r u s t C o m p a n y ,
W in s t o n -S a l e m , N . C.

R. F L A K E S H A W , 1951,

E

G r ee n sb o r o , N . C.

V ic e P r e s id e n t , N
B u r e a u F e d e r a t io n ,
G reen sbo r o , N . C.

x e c u t iv e

orth

V ic e P r e s id e n t
U n i o n , S. C.

R. E . E B E R T , 1953,
G r e e n v il l e , S. C.

P r e s id e n t , D i x i e H o m e S t o r e s , I n c .,
G r e e n v il l e , S. C.

T reasu rer, M o n a r c h M il l s ,

OFFICERS
R. L. C H E R R Y , V ice P r e s id e n t .
S . A . L IG O N , C a s h i e r .

R. L . H O N E Y C U T T , A s s i s t a n t C a s h i e r .
E . C. M O N D Y , A

s s is t a n t

7

S o u t h Ca r o l in a ,

C a r o l in a F a r m

W . A . L. S IB L E Y , 1952,
U n i o n , S. C.

and

of

Ca s h ie r .


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